Fermat launches IoP Consortium

Decentralized blockchain and graphchain-enabled open source project Fermat has launched the IoP Consortium. Based in Budapest, its goal is to standardize the Internet of the People by building a community of academics and researchers and developing IoP use cases through global partnerships with universities and businesses.

Fermat was launched last April with an open social graph, a direct, peer-to-peer access channel to individual people, and a direct device-to-device communication layer. The Internet of People eliminates unnecessary intermediaries to produce cheaper yet more secure transactions.

“In order to deliver the ‘Internet of People’ vision, standardisation will be essential,” IoP Consortium director Daniel Csendes said. “Our graphchain technology brings endless business opportunities because of the additional network components and methodologies added on top of blockchain technology. The IoP Consortium was formed in response to the need for concrete and developed use cases demonstrating this value.”

The IoP Consortium launched its first pilot project in March. A research lab at Hungarian university ELTE worked in conjunction with the EIT Digital Internet of Things Open Innovation Lab to learn how decentralized systems which remove unnecessary intermediaries improves failure situation monitoring and privacy for shippers and receivers. Multinational companies employing disinter mediating technology could improve their effectiveness whilst reducing costs.

Current IoP Consortium members include ELTE, Infota, Virtual Planet and Cyber Services PLC while board members include Fermat founder Luis Fernando Molina and Cyber Service PLC CEO Ferenc Frész. Foundation for Information Society director of research and development Dr. Ferenc Kiss becomes an advisor.

“The architecture behind the IoP is revolutionary and has the power to connect people worldwide, enabling closer interaction and more easily accessible trade opportunities,” Virtual Planet Hungary CTO Adam Gelencser said. “For our company, IoP opens up endless possibilities and new ways to develop applications in a more efficient way. We were immediately drawn to this project because of its focus on not just technology but on how it will impact people.”

“In 2017, it is our aim to significantly grow our membership globally, establish further university partnerships, and oversee critical projects with our members to completion. Looking further ahead, we will be working to reach a critical mass of graphchain users in order to accelerate the growth of the IoP ecosystem,” Mr. Csendes said.

The IoP Consortium is currently open for new members including universities, research institutions, and corporations. For more information on the IoP Consortium, please visit www.fermat.org

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